Documentation Needed for Auto Loan ?

[anewme35]

What documentation was required as part of your Auto Loan application process?

If this helps I'm most hopeful of obtaining a loan through DCU.   

Do they care to see the last 2 months of bank statements similiar to whats requested when applying for a mortgage or is the documentation required less extensive?

[maiden_girl]

Typically for auto loans...you need 3 months worth of pay check stubs and your drivers license.

When I got my auto loan, I had to provide proof of income, drivers license, down payment and proof of insurance. I had to add the car to my insurance before I could leave with the car since dealerships no longer offer the 3 day insurance .

[anewme35]

Thanks Madien_girl!  Very helpful.  Someone mentioned the need to provide bank account statements and i wasn't sure if that info was accurate.  Either way if its requested I'm happy to disclose them, but I've never heard of bank statements being used as part of securing an auto loan.   

[Revelate]

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@maiden_girl wrote:

Typically for auto loans...you need 3 months worth of pay check stubs and your drivers license.

When I got my auto loan, I had to provide proof of income, drivers license, down payment and proof of insurance. I had to add the car to my insurance before I could leave with the car since dealerships no longer offer the 3 day insurance .

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3 months?  Last two pay stubs are typically sufficient in my experience, and that's all I gave to DCU (and to WFDS incidently) and they both accepted it without question

[Revelate]

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@anewme35 wrote:

Thanks Madien_girl!  Very helpful.  Someone mentioned the need to provide bank account statements and i wasn't sure if that info was accurate.  Either way if its requested I'm happy to disclose them, but I've never heard of bank statements being used as part of securing an auto loan.   

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Bank statements are theoretically usable in case you don't have income verification via pay stubs or tax returns.  I've heard that, never seen it personally.

[anewme35]

Revelate, thanks for the info.  Very helpful as I am targeting DCU.  Sounds like I'll need the following

1-2 months worth pay stubs

Drivers License

Proof of insurance?  Maybe, but for me that would come after I secure the loan with DCU

Proof of down payment maybe?  < Maybe that's where the bank statements come in.  If we tell DCU how much we are putting down towards the vehicle, perhaps they'll want to verify that we have the $$ in our accounts.

Any other documents needed that I may have missed?

[Revelate]

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@anewme35 wrote:

Revelate, thanks for the info.  Very helpful as I am targeting DCU.  Sounds like I'll need the following

1-2 months worth pay stubs

Drivers License

Proof of insurance?  Maybe, but for me that would come after I secure the loan with DCU

Proof of down payment maybe?  < Maybe that's where the bank statements come in.  If we tell DCU how much we are putting down towards the vehicle, perhaps they'll want to verify that we have the $$ in our accounts.

Any other documents needed that I may have missed?

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No, and think you're overthinking it honestly .  

DCU's loan interface will ask you for specific documents, just submit them and go on with life.  I gave 2 paystubs and that was all it took for my refinance; purchasing new may be different but it won't be by much.

[maiden_girl]

Lol for me...it was 3 months because I had recently switched jobs when I got my car so they needed to verify I still had an income. I had only been at my new job for a month after leaving a company I had been working for for a while.

[Creditaddict]

Carmax did an online "address" verification for my purchase through Santander a few years ago.
I purchased an Infiniti several years with nothing initially, then 2 months later traded in and went bigger to SUV and provided 1 paycheck and some bank statements after fact but nothing at time.
Last year I leased a 2013 Infiniti with no docs at all.

[maiden_girl]

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@Creditaddict wrote:
Carmax did an online "address" verification for my purchase through Santander a few years ago.
I purchased an Infiniti several years with nothing initially, then 2 months later traded in and went bigger to SUV and provided 1 paycheck and some bank statements after fact but nothing at time.
Last year I leased a 2013 Infiniti with no docs at all.

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Hahaha it is possible because I remember reading something about someone purchasing a Hyundai with a job offer letter and no pay stubs but a condition that they will be offered employment...I thought that was weird but hey...if it can happen...by all means.